According to the June 2014 FBAR currency conversion rates instructions published by FinCEN, in order to determine the maximum value of a foreign bank account, the Treasury’s Financial Management Service (still called so even though Financial Management Service was consolidated into the Bureau of the Fiscal Service within the Treasury Department) rates must be used. In particular, the 2014 FBAR currency conversion rates instructions state:

In the case of non-United States currency, convert the maximum account value for each account into United States dollars. Convert foreign currency by using the Treasury’s Financial Management Service rate (this rate may be found at www.fms.treas.gov) from the last day of the calendar year. If no Treasury Financial Management Service rate is available, use another verifiable exchange rate and provide the source of that rate. In valuing currency of a country that uses multiple exchange rates, use the rate that would apply if the currency in the account were converted into United States dollars on the last day of the calendar year.

The 2014 FBAR Currency Conversion rates are highly important for any international tax attorney who deals with FBARs. For your convenience, Sherayzen Law Office provides a table of the official Treasury FBAR currency conversion rates below (keep in mind, you still need to refer to the official website for any updates):

Country – Currency

Foreign Currency to $1.00

AFGHANISTAN – AFGHANI

57.9000

ALBANIA – LEK

115.1000

ALGERIA – DINAR

87.8100

ANGOLA – KWANZA

104.0000

ANTIGUA – BARBUDA – E. CARIBBEAN DOLLAR

2.7000

ARGENTINA-PESO

8.3730

ARMENIA – DRAM

470.0000

AUSTRALIA – DOLLAR

1.2190

AUSTRIA – EURO

0.8220

AZERBAIJAN – NEW MANAT

0.8000

BAHAMAS – DOLLAR

1.0000

BAHRAIN – DINAR

0.3770

BANGLADESH – TAKA

79.0000

BARBADOS – DOLLAR

2.0200

BELARUS – RUBLE

13779.0000

BELGIUM-EURO

0.8220

BELIZE – DOLLAR

2.0000

BENIN – CFA FRANC

538.7000

BERMUDA – DOLLAR

1.0000

BOLIVIA – BOLIVIANO

6.8600

BOSNIA-HERCEGOVINA MARKA

1.6080

BOTSWANA – PULA

9.4970

BRAZIL – REAL

2.6570

BRUNEI – DOLLAR

1.2540

BULGARIA – LEV

1.6090

BURKINA FASO – CFA FRANC

538.7000

BURMA – KYAT

1028.0000

BURUNDI – FRANC

1550.0000

CAMBODIA (KHMER) – RIEL

4103.0000

CAMEROON – CFA FRANC

538.8200

CANADA – DOLLAR

1.1580

CAPE VERDE – ESCUDO

87.8710

CAYMAN ISLANDS – DOLLAR

0.8200

CENTRAL AFRICAN REPUBLIC – CFA FRANC

538.8200

CHAD – CFA FRANC

538.8200

CHILE – PESO

607.1600

CHINA – RENMINBI

6.2050

COLOMBIA – PESO

2372.6000

COMOROS – FRANC

361.3500

CONGO – CFA FRANC

538.8200

CONGO, DEM. REP – CONGOLESE FRANC

920.0000

COSTA RICA – COLON

533.2500

COTE D’IVOIRE – CFA FRANC

538.7000

CROATIA – KUNA

6.1500

CUBA-PESO

1.0000

CYPRUS-EURO

0.8220

CZECH – KORUNA

22.3260

DENMARK – KRONE

6.1240

DJIBOUTI – FRANC

177.0000

DOMINICAN REPUBLIC – PESO

44.1300

ECAUDOR-DOLARES

1.0000

EGYPT – POUND

7.1500

EL SALVADOR-DOLARES

1.0000

EQUATORIAL GUINEA – CFA FRANC

538.8200

ERITREA – NAKFA

15.0000

ESTONIA-EURO

0.8220

ETHIOPIA – BIRR

20.0900

EURO ZONE – EURO

0.82200

FIJI – DOLLAR

1.9580

FINLAND-EURO

0.8220

FRANCE-EURO

0.8220

GABON – CFA FRANC

538.8200

GAMBIA – DALASI

45.0000

GEORGIA-LARI

1.8700

GERMANY FRG-EURO

0.8220

GHANA – CEDI

3.2100

GREECE-EURO

0.8220

GRENADA – EAST CARIBBEAN DOLLAR

2.7000

GUATEMALA – QUENTZAL

7.5970

GUINEA – FRANC

7136.0000

GUINEA BISSAU – CFA FRANC

538.7000

GUYANA – DOLLAR

202.0000

HAITI – GOURDE

46.7500

HONDURAS – LEMPIRA

21.2700

HONG KONG – DOLLAR

7.7560

HUNGARY – FORINT

259.4400

ICELAND – KRONA

126.7500

INDIA – RUPEE

63.2000

INDONESIA – RUPIAH

12350.0000

IRAN – RIAL

8229.0000

IRAQ – DINAR

1166.0000

IRELAND-EURO

0.8220

ISRAEL-SHEKEL

3.8810

ITALY-EURO

0.8220

JAMAICA – DOLLAR

113.9000

JAPAN – YEN

119.4500

JERUSALEM-SHEKEL

3.8810

JORDAN – DINAR

0.7080

KAZAKHSTAN – TENGE

182.4000

KENYA – SHILLING

90.6500

KOREA – WON

1086.8700

KUWAIT – DINAR

0.2930

KYRGYZSTAN – SOM

58.7000

LAOS – KIP

8078.0000

LATVIA – LATS

0.8220

LEBANON – POUND

1500.0000

LESOTHO – SOUTH AFRICAN RAND

11.5660

LIBERIA – U.S. DOLLAR

82.0000

LIBYA-DINAR

1.1950

LITHUANIA – LITAS

2.8390

LUXEMBOURG-EURO

0.8220

MACAO – MOP

8.0000

MACEDONIA FYROM – DENAR

49.2000

MADAGASCAR-ARIA

2596.7300

MALAWI – KWACHA

505.0000

MALAYSIA – RINGGIT

3.4950

MALI – CFA FRANC

538.7000

MALTA-EURO

0.8220

MARSHALLS ISLANDS – DOLLAR

1.0000

MARTINIQUE-EURO

0.82200

MAURITANIA – OUGUIYA

305.0000

MAURITIUS – RUPEE

31.7000

MEXICO – NEW PESO

14.7020

MICRONESIA – DOLLAR

1.0000

MOLDOVA – LEU

15.5520

MONGOLIA – TUGRIK

1885.6000

MONTENEGRO-EURO

0.8220

MOROCCO – DIRHAM

9.0240

MOZAMBIQUE – METICAL

33.0500

NAMIBIA-DOLLAR

11.5660

NEPAL – RUPEE

101.4000

NETHERLANDS-EURO

0.8220

NETHERLANDS ANTILLES – GUILDER

1.7800

NEW ZEALAND – DOLLAR

1.2750

NICARAGUA – CORDOBA

26.6000

NIGER – CFA FRANC

538.7000

NIGERIA – NAIRA

182.9000

NORWAY – KRONE

7.3900

OMAN – RIAL

0.3850

PAKISTAN – RUPEE

100.9000

PALAU-DOLLAR

1.0000

PANAMA – BALBOA

1.0000

PAPUA NEW GUINEA – KINA

2.5440

PARAGUAY – GUARANI

4629.3000

PERU – NUEVO SOL

2.9000

PHILIPPINES – PESO

44.77500

POLAND – ZLOTY

3.5130

PORTUGAL-EURO

0.8220

QATAR – RIYAL

3.6420

ROMANIA – LEU

3.6850

RUSSIA – RUBLE

58.6760

RWANDA – FRANC

689.1900

SAO TOME & PRINCIPE – DOBRAS

20087.7110

SAUDI ARABIA – RIYAL

3.7500

SENEGAL – CFA FRANC

538.7000

SERBIA-DINAR

99.4600

SEYCHELLES – RUPEE

12.9800

SIERRA LEONE – LEONE

4990.0000

SINGAPORE – DOLLAR

1.3210

SLOVAK REPUBLIC – EURO

0.8220

SLOVENIA – EURO

0.8220

SOLOMON ISLANDS – DOLLAR

7.3100

SOUTH AFRICA – RAND

11.5660

SOUTH SUDANESE – POUND

3.0000

SPAIN – EURO

0.8220

SRI LANKA – RUPEE

131.1500

ST LUCIA – EC DOLLAR

2.7000

SUDAN – SUDANESE POUND

6.4000

SURINAME – GUILDER

3.3500

SWAZILAND – LILANGENI

11.5660

SWEDEN – KRONA

7.7130

SWITZERLAND – FRANC

0.9890

SYRIA – POUND

179.2000

TAIWAN – DOLLAR

31.6400

TAJIKISTAN – SOMONI

5.3000

TANZANIA – SHILLING

1730.0000

THAILAND – BAHT

32.9200

TIMOR – LESTE DILI

1.0000

TOGO – CFA FRANC

538.7000

TONGA – PA’ANGA

1.8700

TRINIDAD & TOBAGO – DOLLAR

6.3560

TUNISIA – DINAR

1.8590

TURKEY – LIRA

2.3270

TURKMENISTAN – MANAT

2.8400

UGANDA – SHILLING

2770.0000

UKRAINE – HRYVNIA

15.7680

UNITED ARAB EMIRATES – DIRHAM

3.6700

UNITED KINGDOM – POUND STERLING

0.6420

URUGUAY – PESO

23.9600

UZBEKISTAN – SOM

2461.0000

VANUATU – VATU

99.9300

VENEZUELA – BOLIVAR

6.3000

VIETNAM – DONG

21400.0000

WESTERN SAMOA – TALA

2.3530

YEMEN – RIAL

214.5000

ZAMBIA – KWACHA (NEW)

6.3750

ZAMBIA – KWACHA (OLD)

5455.0000

ZIMBABWE – DOLLAR

1.0000

1. Lesotho’s loti is pegged to South African Rand 1:1 basis
2. Macao is also spelled Macau: currency is Macanese pataka
3. Macedonia: due to the conflict over name with Greece, the official name if FYROM – former Yugoslav Republic of Macedonia.
4. Latvia’s Lats converted to the Euro on January 1, 2014. This means that the Euro 2014 FBAR Currency Conversion rate may also need to used for the determination of the highest balance of accounts in Latvia. Contact Sherayzen Law Office for more details.